Florida’s largest grocery store chain “Publix” is going on a shopping spree.. For Real Estate.

Publix has budgeted to spend $1.3 billion in Real Estate in 2015.

Because Publix has a cheaper cost of capital than a landlord’s cost of capital, their cost of occupancy is less than market rent.

According to Publix’s spokesperson Publix now operates 1,098 stores, and about 20 percent sit in company-owned real estate.

Publix has the ability to purchase real estate because they have no long-term debt and significant cash reserves.

Publix had $30.6 billion in sales in 2014, a 5.7 percent increase from 2013.